What's Happening?
Blencowe Resources, a London-listed company, has announced the discovery of a new high-grade graphite zone at the Iyan deposit in Uganda. This discovery was made during the Stage 7 drilling program at the Orom-Cross
project. The first assay from one of the six deep holes drilled revealed substantial graphite mineralization, with continuous graphite identified from near the surface to about 100 meters deep. The Iyan deposit is located adjacent to the Northern Syncline and is not part of the current Joint Ore Reserves Committee-compliant resource. The results suggest potential for a significant expansion of future resource estimates, as the mineralized system extends beyond current drilling limits. Further assays from additional holes are pending, and the data will be incorporated into updated geological models to support an updated resource estimate in early 2026.
Why It's Important?
The discovery of a new high-grade graphite zone at Iyan is significant for Blencowe Resources as it could lead to a substantial increase in the company's resource estimates. This expansion has the potential to enhance the company's market position and attract strategic partnerships. Graphite is a critical mineral used in various industries, including battery production for electric vehicles, which is experiencing growing demand. The discovery could also have broader implications for the global graphite market, potentially impacting supply dynamics and pricing. For Uganda, this development could boost the local economy by attracting investment and creating job opportunities in the mining sector.
What's Next?
Blencowe Resources plans to incorporate the new data from the Iyan and Beehive deposits into updated geological models. The company expects to release an updated resource estimate in early 2026. As the drilling program continues, further assays are anticipated, which could provide additional insights into the extent of the mineralization. The company may also explore strategic partnerships or investments to support the development of the Orom-Cross project. Stakeholders, including investors and local communities, will be closely monitoring these developments for potential economic and employment benefits.
